Global Catamarans Market to Surpass US$ 1.54 Billion by 2023

The global catamarans market was valued at US$ 1.12 billion in 2016 and is projected to reach US$ 1.54 billion by 2023, exhibiting a CAGR of 4.6% over the forecast period, according to Global Catamarans Market Report, by Product Type (Sailing Catamarans and Engine-powered catamarans), by Application (Cruising and Sporting), and by Regions; published by Coherent Market Insights.

Catamarans are boats used for cruising, transportation, and military operations. Catamarans are also called as multihulls, owing to its structure. Catamarans are increasingly gaining traction, owing to increasing number of marine sport events such as 49er, 49erFX, and Nacra 17 world championship events to be held in Auckland, New Zealand in 2019. Catamarans offer multiple features such as enhanced speed, reliability, and safety along with more space than mono-hull boats and hence are being preferred for sporting as well as transportation and military activities.

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Among product types, engine powered catamarans segment was the dominant segment in the catamarans market in 2016. Large number of marine racing and other sporting events are gaining traction and as a result, demand for catamarans with higher speed and stability is increasing. This is evident with multiple events such as Stephen C. Smith Memorial Regatta to be held in April 2018 and also racing championship to be held in Auckland, New Zealand in 2019. However, owing to cost effectiveness, sailing catamarans are also expected to witness significant demand during the forecast period (2018–2023).

Among applications, cursing segment is expected to be dominant in the market over the forecasted period, owing to increasing trend of catamarans being used for cruising in multiple regions. This has led to wide availability of catamarans for cruising by vendors offering catamarans on rent. Also, a large number of catamarans are also being used for sporting purposes. Catamaran are used for sports such as catamaran races or yacht races and for recreational purposes. Sail-powered catamarans are mostly used for racing purposes, however, these are used for cruising purposes as well. Catamaran are especially popular for sports in North America, Europe, and certain parts of Asia Pacific region such as Australia. A variety of sailing catamarans and foiling catamarans have been used in Olympic sailing competitions.

Key Takeaways of the Market:

According to Coherent Market Insights’ analysis, North America catamaran market accounted for the largest share in the global market and is expected to witness highest growth over the forecast years. This is owing to increasing preference of catamarans for cruising and its wide availability by multiple vendors offering it on rent.

Along with being luxury boats, catamarans are also being viewed and utilized as potential cargo carriers. The reason for which is the speed and stability, it offers along with high capacity for cargo carrier. Catamarans are increasingly been used in military application for patrolling and security. Manufacturers such as Metal Shark offer catamarans for various applications such as law enforcement, dive support, port security, and fire rescue response.

According to Coherent Market Insights’ research, the market is expected to show significant growth in the near future. Also, high price of catamarans have led to emergence of multiple vendors offering catamarans on rent.